Questions 1, 2 and 4: You won't be able to find a grip value which makes the races easier or harder and you won't be able to create a formula for correct laptimes becouse of some reasons:
1. CCline quality is not uniform between tracks and bad ccline gives unfair amount to the player over the ccs.
2. CCs are faster in some types or corners than others (compared to the player)
3. GP2 is configured with Magic Data for all slots. This means clock speed, opposition speed level, and fuel consumption are correct only for the original 16 tracks in their correct slot. Any other track you put there (even if you configure the fuel load in the track editor) won't be as fair as the original tracks.
You can change the player grip for each track, but you'll have problems if you are too fast and your car will handle too differently in most tracks, so I think you won't find "magic numbers" working in every track.
IMO, the only way to create fair races is using the Slot Editor for every track you drive. Maybe it lacks some tutorial on how to work out the magic data, that's my fault, but I can try to help.
Recently I made a nice experiment. I've configured the magic data for my Curitiba track so I was as fast as the cars with 750bhp (same as mine) at 16384 cc grip. Then I've changed my car to a slower car (don't remember the bhp) and changed a hidden GP2 parameter called "Player Grip" which is 16384 by default to 14950. I was amazed to see I was lapping the same times as the cc from the same team, who has 14950 as cc grip.
Question 3: There was this post by TDK
TdK wrote:First off all:
The maximum for reliability is 16384. You can find out why in the orginal carset. There all the
values are made from 16384.
For an example:
Benetton/williams: 2048 = 4 times a failure = 512 for 1 failure
McLaren = 6656 / 512 = 13
32 x 512 = 16384
Every failure a car has is 1. when a race starts you have 2 cars in a team. So, there are 16 races:
16 x 2 = 32
32 x 512 = 16384 --> the max. value. Which means 100% unreliable...
So; In one season of 16 races, a team (2 cars each race, which makes 2x16 races=32) suffers 10 failures. Then you will get a failure rate off: 16384/32=512 x 10 failures = 5120
Now: When a car is set to 2048, it will suffer failure around 4 times in a season. So this can be 3 times, but also 5 times.
When a value is set at 16384, the max. failures in a season is 32. But they never do this!!! Mostly about 25 times...
Values set above 16384, won't have the same effect. I've tested it some years ago. Settings higher than 16384 will give strange results. Some cars won't have more than 10 failure's, and cars set (just) under 16384 will failure a lot more. Let's say about 25 times...
So as a summary:
The game is not made for failure ranges above 16384. It's not designed for it. Sure, you can try it out, but it will give strange effects.
Try to set a drivers random grip to the max.: 32767. The car will be fast around corners like hell!!!
What it's not supposed to do! It's high random grip should slow the driver down....

Look at the complete topic here with more information given by TDK, but nothing about shorter races, but I think you should decrease the number of laps in track editor and make 100 races, so the GP2Edit values will work the same as in complete races.